MainStay Introduces Three 130/30 Funds

MainStay Investments announced Thursday that it has introduced three 130/30 funds, one core, another growth and the third international.

A 130/30 fund is an equity fund benchmarked to an equity index that invests 130% of its assets in long positions and 30% short. The proceeds from the short sales account for the 30% additional assets in the long positions, for a net investment of 100% tied to the benchmark.